​On July 04, 2024, The Government promulgated the Decree on amending and supplementing a number of articles of the Government's Decree No. 119/2022/ND-CP dated December 30, 2022 on Vietnam's Special Preferential Import Tariff to implement the ASEAN-Korea Trade in Goods Agreement for the 2022-2027 period. Specifically as follows:

1. Vietnam's special preferential import tariff clearly states that the AKFTA tax rate is 0% for many types of goods such as: Live animals; meat and edible meat by-products after slaughter...; AKFTA tax rate of 5% for certain types of mineral or chemical fertilizers containing phosphate, cosmetics or makeup preparations and skin care preparations (except pharmaceuticals), including sunscreen or suntan preparations; preparations for fingernails or toenails.

2. Amend the application time of "AKFTA tax rate (%)": from November 28, 2023 to December 31, 2027.

4. The out-of-quota import duty rates for goods being not in the above-mentioned List shall apply the Export Tariff, the Preferential Import Tariff and the List of commodity items and their specific duty rates, compound duty rates and out-of-quota import duty rates of the Government at the time of importation. The List and annual import tariff quotas must comply with the Ministry of Industry and Trade's regulations."

This Decree takes effect on the signing date NĐ 81.pdf.